Long Read Sequencing Market Overview
The growth of the global long read sequencing market is thriving on the back of the recent advancement in the third-generation long-read sequence analysis technique. The advancement in technology is expected to enhance the screening of the genetic disorders bringing a new era in the field of medical science. Furthermore, the increasing healthcare expenditure in various countries across the world is also expected to promote towards the growth of the global long read sequencing market. Moreover, the long read sequencing market is witnessing a rapid growth currently owing to the significant growth in the prevalence of genetic disorders globally, followed by the rising number of key players operating in the segment which is also resulting in the increase in the number of patients opting for long read sequencing, which is further expected to boost the market growth.
The global long read sequencing market reached USD 819 million in the year 2018 and is expected to garner USD 7073.65 million by the end of 2025 by registering a CAGR of 23.99% across the globe over the forecast period 2021-2028. Additionally, the market is anticipated to gain an incremental $ opportunity of USD 246.65 million in the year 2020 as compared to the previous year. On the other hand, the market is also anticipated to grow by 4.5x and gain an absolute $ opportunity of USD 5503.39 million during the forecast period.
Growth Highlights based on Region during 2019-2028
The global long read sequencing market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. Among these regions, the market of North America registered the largest market share of 40.89% in the year 2019 and is expected to achieve a CAGR of 24.21% during the forecast period. The market in the region is further anticipated to gain an incremental $ opportunity of USD 101.41 million in the year 2020 as compared to the previous year and is further expected to cross USD 2935.15 million by the end of 2028. Additionally, the market in the region is anticipated to grow by 4.56x and gain an absolute $ opportunity of USD 2291.54 million during the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Market Segmentation Synopsis
By Technology
The global long read sequencing market has been segmented on the basis of technology into single-molecule real-time sequencing (SMRT) and nanopore sequencing. The single-molecule real-time sequencing (SMRT) segment held the largest market share and reached a market value of USD 527.01 million in the year 2018. Additionally, the segment is expected to achieve a CAGR of 23.68% during the forecast period and cross a value of USD 4438.17 million by the end of 2028. Further, the segment is anticipated to gain an incremental $ opportunity of USD 156.26 million in the year 2020 as compared to the previous year. On the other hand, the segment is also anticipated to grow by 4.42x and further gain an absolute $ opportunity of USD 3435.4 million during the forecast period.
Market Drivers and Challenges
Growth Indicators
Increasing Prevalence of Genetic Disorders
The growing occurrences of genetic disorders is one of the primary reasons of deaths globally as notified by the World Health Organization. The growing prevalence of the genetic disorders is anticipated to create a surge in demand for long read sequencing methods, thus contributing to the market growth. Furthermore, the monogenic diseases have affected millions of people worldwide which has created concern among the public. According to the World Health Organization, over 10,000 of the diseases are known to be monogenic caused by single error in a single gene in the human DNA. Additionally, the long read sequencing also are highly recommended in cases where repeat disease or complex chromosomal rearrangements are suspected. The long read sequencing can further assist patients in monitoring their condition empowering them to more readily work with healthcare providers to manage their conditions and improve care. This factor is further projected to drive the market growth in the forthcoming years.
On the other hand, the increasing implementation of Next Generation Sequencing (NGS) technologies is one of the major factors driving the growth of the market. The implementation of NGS in the field of medical genetics has gained immense acceptance over the years owing to their high efficacy in screening genetic disorders, which is expected to drive the market growth. Currently, long read sequencing (LRS) techniques are being used to offer improvement in the characterization of the genetic variations that are difficult to access by using the current NGS approaches. The long read sequencing (LRS) technology is also used to detect genetic orders with previously known or suspected disease loci. Such factors are anticipated to drive the growth of the global long read sequencing market.
Barriers
High Cost of the Long Read Sequencing Procedure
Although the long read sequencing market has witnesses significant growth over the recent years, there are certain factors that may limit the expansion of the market in the upcoming years. For instance, the high cost associated with the long read sequencing procedures in anticipated to pose moderate threat to the growth of the market. Furthermore, the lack of proper healthcare infrastructure in various countries due to low healthcare expenditure is also projected to negatively impact the growth of the market in low income countries.
Competitive Landscape
Some of the affluent industry leaders in the global long read sequencing market are Oxford Nanopore Technologies, Pacific Biosciences of California, Inc., FG Technologies, Stratos Genomics, QIAGEN, Takara Bio Inc., Quantapore, Inc. and BaseClear B.V.
